Economics
Japan Cuts Economic Assessment Amid Emergency Extension
- Government downgrades view of consumption, business conditions
- Emergency could reportedly be extended another three weeks
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Japan’s government cut its assessment of the economy for the first time in three months, after the country was forced to extend its third state of emergency following a jump in coronavirus cases.
In its monthly report for May, the Cabinet Office said it saw further weaknesses in some parts of the economy, using stronger language than last month to describe the frailness. Still, it continued to describe overall conditions as improving from a severely low base.